Nigeria

TotalEnergies has sold a 12.5% stake in Nigeria’s OML 118 to Shell Nigeria and Nigerian Agip Exploration for $510 million. The deal involves the Bonga oil field and aligns with TotalEnergies’ strategy to optimize its portfolio and focus on high-return ventures. Analysts suggest this move signals a broader trend of international oil companies reassessing investments in mature African oil fields due to concerns over security, regulation, and the energy transition. TotalEnergies remains a significant player in Nigeria despite the divestment.

TotalEnergies will sell its 12.5% stake in Nigeria’s OML118 PSC to Shell for $510 million to focus on lower-emission assets. The OML118 asset includes the Bonga field, with the sale expected to reduce TotalEnergies’ Nigerian output by approximately 11,000 barrels of oil equivalent per day in 2024. This move aligns with TotalEnergies’ strategy to streamline its portfolio and concentrate on existing gas and offshore oil projects, including the Ubeta project.